Utes coming out of nowhere moving up 5 spots to the number 3 slot, however, based upon the chart patterns we do not believe this is sustainable at the moment. Energy dropping fast because of the weakness we saw in crude oil.
Market: XLF (Financial ETF)
Reason for observation: Lagging price action
Short-term bias: Neutral
Long-term bias: Bullish
Financials just cant seem to get any upside momentum brewing. Looking very vulnerable for short-term weakness and under-performance. Do not buy weakness in fins.
Market: XLP (Consumer Staples ETF)
Reason for observation: Daily bear flag setup
Short-term bias: Bearish
Long-term bias: Bearish
Another sector severely under-performing. Weakness in staples looks probable to continue.
Top 3 sectors right now. Utes still have a lot of catching up to do.
Risk-on still apparent by this chart of the spread between consumer discretionary and consumer staples.